Incentive Plans (Tables)

9 Months Ended

Sep. 30, 2017

Summary of Impact of Share-Based Incentive Plans on Compensation and Benefits Expense

The following reflects the amortization expense recorded with respect to share-based incentive plans within “compensation and benefits” expense (with respect to RSUs, PRSUs and restricted stock awards) and “professional services” expense (with respect to deferred stock units (“DSUs”)) within the Company’s accompanying condensed consolidated statements of operations for the three month and nine month periods ended September 30, 2017 and 2016:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2017		2016		2017		2016
Share-based incentive awards:
RSUs	$	39,898	$	39,447	$	150,193	$	134,419
PRSUs		9,896		11,252		38,095		38,276
Restricted Stock		7,697		7,015		30,507		38,833
DSUs		156		105		1,853		1,616
Total	$	57,647	$	57,819	$	220,648	$	213,144

Schedule of Issuance of RSUs and Charges to Retained Earnings

During the nine month periods ended September 30, 2017 and 2016, issuances of RSUs pertaining to such dividend participation rights and respective charges to “retained earnings”, net of estimated forfeitures (with corresponding credits to “additional paid-in-capital”), consisted of the following:

	Nine Months Ended
	September 30,
	2017		2016
Number of RSUs issued		866,914		969,054
Charges to retained earnings, net of estimated forfeitures	$	36,482	$	32,849

Summary of LFI and Other Similar Deferred Compensation Arrangements

The following is a summary of activity relating to LFI and other similar deferred compensation arrangements during the nine month periods ended September 30, 2017 and 2016:

	Prepaid Compensation Asset			Compensation Liability
Balance, January 1, 2017	$	49,650		$	170,388
Granted		77,580			77,580
Settled		-			(95,718	)
Forfeited		(866	)		(1,647	)
Amortization		(52,702	)		-
Change in fair value related to:
Increase in fair value of underlying investments		-			17,981
Adjustment for estimated forfeitures		-			5,333
Other		1,515			1,833
Balance, September 30, 2017	$	75,177		$	175,750

	Prepaid Compensation Asset			Compensation Liability
Balance, January 1, 2016	$	75,703		$	193,574
Granted		51,871			51,871
Settled		-			(75,583	)
Forfeited		(1,967	)		(3,435	)
Amortization		(56,784	)		-
Change in fair value related to:
Increase in fair value of underlying investments		-			4,707
Adjustment for estimated forfeitures	-				3,551
Other		(1,232	)		585
Balance, September 30, 2016	$	67,591		$	175,270

The following is a summary of the impact of LFI and other similar deferred compensation arrangements on “compensation and benefits” expense within the accompanying condensed consolidated statements of operations for the three month and nine month periods ended September 30, 2017 and 2016:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2017		2016		2017		2016
Amortization, net of forfeitures	$	15,961	$	18,116	$	57,254	$	58,867
Change in the fair value of underlying investments		4,875		6,909		17,981		4,707
Total	$	20,836	$	25,025	$	75,235	$	63,574

Restricted Stock Units and Deferred Stock Units [Member]

Schedule of Activity Relating to Share-based Awards

The following is a summary of activity relating to RSUs and DSUs during the nine month periods ended September 30, 2017 and 2016:

	RSUs					DSUs
	Units			Weighted Average Grant Date Fair Value		Units			Weighted Average Grant Date Fair Value
Balance, January 1, 2017		11,698,138		$	40.65		276,725		$	36.05
Granted (including 866,914 RSUs relating to dividend participation)		5,294,156		$	43.01		41,821		$	44.30
Forfeited		(162,320	)	$	39.97		-			-
Vested		(3,977,477	)	$	45.27		(43,465	)	$	35.77
Balance, September 30, 2017		12,852,497		$	40.20		275,081		$	37.35
Balance, January 1, 2016		9,599,658		$	44.06		312,670		$	35.98
Granted (including 969,054 RSUs relating to dividend participation)		6,649,625		$	34.64		46,178		$	34.98
Forfeited		(181,337	)	$	39.79		-
Vested		(4,527,559	)	$	39.16		(84,759	)	$	35.30
Balance, September 30, 2016		11,540,387		$	40.62		274,089		$	36.02

Restricted Stock Awards Class A [Member]

Schedule of Activity Relating to Share-based Awards

The following is a summary of activity related to shares of restricted Class A common stock associated with compensation arrangements during the nine month periods ended September 30, 2017 and 2016:

	Restricted Shares			Weighted Average Grant Date Fair Value
Balance, January 1, 2017		1,655,073		$	40.95
Granted		841,355		$	42.58
Forfeited		(65,086	)	$	40.80
Vested		(483,811	)	$	45.42
Balance, September 30, 2017		1,947,531		$	40.54
Balance, January 1, 2016		713,738		$	47.12
Granted		1,795,258		$	36.74
Forfeited		(33,943	)	$	40.49
Vested		(802,276	)	$	37.09
Balance, September 30, 2016		1,672,777		$	40.92

PRSUs [Member]

Schedule of Activity Relating to Share-based Awards

The following is a summary of activity relating to PRSUs during the nine month periods ended September 30, 2017 and 2016:

	PRSUs			Weighted Average Grant Date Fair Value
Balance, January 1, 2017		1,590,756		$	40.76
Granted (a)		458,113		$	43.76
Vested		(825,565	)	$	42.27
Balance, September 30, 2017		1,223,304		$	40.86
Balance, January 1, 2016		1,019,038		$	44.49
Granted (a)		627,956		$	32.91
Vested		(417,021	)	$	38.43
Balance, September 30, 2016		1,229,973		$	40.63

(a)

Represents PRSU awards granted during the relevant year at the target payout level.

- Definition

Tabular disclosure of an equity-based arrangement (such as stock or unit options and stock or unit awards) with an individual employee, which is generally an employment contract between the entity and a selected officer or key employee containing a promise by the employer to pay certain equity-based awards at future dates, sometimes including a period after retirement, upon compliance with stipulated requirements. This type of arrangement is distinguished from broader based employee benefit plans as it is usually tailored to the employee. Disclosure also typically includes the amount of related compensation expense recognized during the reporting period, the number of shares or units issued during the period under such arrangements, and the carrying amount as of the balance sheet date of the related liability.

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